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Manila Bulletin devider Business devider TDF rates continue to decline

TDF rates continue to decline

Published Jan 21, 2021 06:00 am

The central bank raised its volume for this week’s term deposit facility (TDF) and it was still oversubscribed, but yields continue to fall.

Bangko Sentral ng Pilipinas (BSP) Governor-in-charge Francisco G. Dakila Jr. noted the market participants’ “continued strong interest in the TDF” which showed that “liquidity in the financial system is ample amid continued foreign exchange inflows and the normalization of cash demand after the holidays.”

On Wednesday, the BSP offered P570 billion in the TDF auction, more than the previous week’s P550 billion. “The 7-day and 14-day tenors were oversubscribed, receiving 1.39x and 1.29x their respective offer volumes,” said Dakila.

Total tenders reached P756.71 billion, higher than January 13’s P726.62 billion.

Dakila said the weighted average interest rates continued to fall as the 7-day TDF declined by 1.451 basis points (bps) and the 14-day TDF decreased by 1.391 bps. “The accepted yields were narrower, ranging from 1.600-1.650 percent in the 7-day TDF and 1.600-1.674 percent in the 14-day TDF,” he added. 

The 7-day TDF, offered higher at P210 billion, received tenders amounting to P291.49 billion which was lower than last week’s P305.27 billion. Its average rate dropped to 1.6325 percent from 1.6470 percent.

The 14-day TDF was also offered higher at P360 billion. It attracted P465.22 billion versus P421.34 billion previously. The average rated fell to 1.6534 percent from 1.6673 percent.

The TDF is one of the BSP's main liquidity management tool. In 2020, the BSP injected almost P2 trillion of liquidity in the financial system as part of pandemic-response. 

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